# Alternative Severity Metrics

Conditional on banking crisis onset, Z/age structure → severity.

## Summary Statistics (Crisis Onset Subsample)

| Metric | N | Mean | Median | Std |
|:---|---:|---:|---:|---:|
| Peak-to-Trough | 136 | -3.98 | -0.21 | 6.53 |
| Growth Shortfall | 125 | 1.60 | -5.79 | 35.50 |
| vs World | 144 | -4.65 | -4.92 | 15.84 |
| Output Gap | 27 | -10.67 | -8.04 | 12.47 |

## Regression Results (Pooled OLS)

| Variable | Z → Peak-to-Trough | Age → Peak-to-Trough | Z → Growth Shortfall | Age → Growth Shortfall | Z → vs World | Age → vs World | Z → Output Gap | Age → Output Gap |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|
| Z_1 | -6.0708 | | -301.8587* | | -16.2157 | | -311.8089* | |
| | (28.1655) | | (158.0362) | | (58.5234) | | (164.7013) | |
| Z_2 | 0.5857 | | 48.3416* | | 6.2254 | | 44.0883* | |
| | (4.3796) | | (24.6430) | | (9.0670) | | (22.4273) | |
| Z_3 | -0.0163 | | -2.0598** | | -0.3902 | | -1.7186* | |
| | (0.1826) | | (1.0289) | | (0.3773) | | (0.8606) | |
| old_dep | | -2.5307 | | -75.5004 | | -151.5109*** | | -28.4128 |
| | | (14.0387) | | (77.9798) | | (29.9943) | | (58.5164) |
| youth_dep | | 2.8394 | | 1.5160 | | -19.5398** | | 16.4907 |
| | | (3.8680) | | (21.5810) | | (8.1835) | | (61.3191) |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|
| N | 136 | 136 | 125 | 125 | 144 | 144 | 27 | 27 |
| R² | 0.0176 | 0.0199 | 0.0577 | 0.0285 | 0.2027 | 0.2076 | 0.1554 | 0.0280 |

*Peak-to-trough and growth shortfall are model-free metrics. Output gap depends on trend estimation.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*